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National puts Gerakina Beach hotel complex up for sale again

By Stathis Kousounis

National Bank of Greece is making another attempt to sell the Gerakina Beach hotel complex, one of the top 10 resorts in Halkidiki, central Macedonia, according to local tourism entrepreneurs.

The NBG group has proclaimed a tender for the sale of the three-star complex, which has a capacity of 503 rooms or 955 beds, with a minimum asking price of 17 million euros. The proclamation sets the deadline for the submission of offers for December 10 .

The hotel used to belong to the Saltis Brothers SA group. Its premises covers a surface area of 24,345 square meters on a plot of 87,000 sq.m.

In order to render the complex more attractive to prospective buyers, National has improved the payment terms: Before the submission of an offer, each investor will have to deposit to the tender’s committee an amount equal to 10 percent of the starting price as a guarantee for participation in the tender. The bank reserves the right to annul the tender should the offers be deemed insufficient. National has already seen one tender for the hotel end unsuccessfully.

In the next few months the activity of Greek banks in the hotel sector is expected to intensify, both in terms of sales and in targeted funding. Tourism sector representatives say that the time is coming when banks will accelerate sale procedures for their real estate property including hotel enterprises that are already or are about to be in their ownership, as their loans are considered non-performing.

Helping rekindle interest in the hotel sector has been plans for the sale of Astir Palace hotel in Vouliagmeni, southern Athens, by National and the state sell-off fund (TAIPED).

Meanwhile, the Association of Hellenic Tourism Enterprises (SETE) has met with the managers at National, Alpha, Piraeus and Eurobank to discuss a model for strengthening the funding of sustainable and healthy tourism enterprises. The same issue topped the agenda of a recent meeting between SETE and the Hellenic Bank Association. , Sunday December 8, 2013 (21:44)  
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